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PROJECT REPORT
MERGER AND ACQUISATION PROJECT

TITLE OF THE PROJECT

A STUDY ON VISTARA AIRLINES- AIR INDIA MERGER

SUBMITTED BY: Shrishant (22232)

Avinash kumar (

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CONTENT

Particulars Page No.

A. INTRODUCTION 4- 9

- BACKGROUND OF THE STUDY 5

- ABOUT THE PARTIES INVOLVED 6

- NEWS OF THE MERGER 7

- OBJECTIVES OF THE MERGER 8

- LITERATURE REVIEW 8

- OBJECTIVE OF THE STUDY 9

B. CONCEPTUAL FRAMEWORK 12- 25

12- 1
CHAPTER-1: AIR INDIA -VISTARA MERGER
11
1.1 ABOUT THE MERGER
11
1.2 WHY THIS MERGER IS SIGNIFICANT?
12-13
1.3 FACTORS RESPONSIBLE FOR THIS MERGER
14
1.4 POTENTIAL IMPLICATION OF THE MERGER
15
1.5 WHO WILL BENEFIT FROM YHIS MERGER?
16-17
CHAPTER-2: SWOT ANALYSIS OF AIR INDIA – VISTARA
MERGER
18-19
CHAPTER-3: IMPACT OF AIR INDIA – VISTARA MERGER
ON THE INDIAN AVIATION INDUSTRY
20-21
CHAPTER-4: “SURVIVAL OF THE FITTEST”
22
CHAPTER-5: STEPS TAKEN TO MAKE THE AIR- INDIA
VISTARA MERGER A REALITY
23
CHAPTER-6: FUTURE OF AIR INDIA – VISTARA MERGER
24
C. CONCLUSION
25
D. BIBLIOGRAPHY

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INTRODUCTION

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BACKGROUND OF THE STUDY

The Indian Aviation Industry is one of the fastest growing sectors in India. It is also one of the most
challenging sectors because it is very difficult to maintain a strong holding on a significant portion of the
total market share. Many big airline companies failed to do so, for example: Jet Airways; Kingfisher
Airlines; etc. Recently, a news regarding the merger between Vistara Airlines and Air India came out
which shook the entire aviation industry.

ABOUT THE PARTIES INVOLVED:

1. VISTARA AIRLINES

Tata SIA Airlines Limited, operating as Vistara, represents the epitome of luxury and sophistication in
the Indian aviation landscape. Established as a joint venture between Tata Sons and Singapore Airlines,
Vistara commenced operations on 9 January 2015, with its inaugural flight connecting Delhi and
Mumbai. Since then, the airline has become synonymous with premium service and unparalleled
comfort, offering travelers a truly elevated flying experience.

Strategically headquartered in Gurugram, with its hub at the Indira Gandhi International Airport,
Vistara has swiftly expanded its reach to serve 34 destinations across the country. With a fleet
comprising modern Airbus A320, Airbus A321neo, Boeing 787-9, and Boeing 737-800NG aircraft,
Vistara ensures passengers enjoy a seamless journey marked by luxury and convenience.

In a span of just a few years, Vistara has left an indelible mark on India's aviation industry, having
carried over two million passengers by June 2016. Garnering a significant 4.7% share of the domestic
carrier market as of May 2019, Vistara has solidified its position as the sixth-largest domestic airline in
India. With its unwavering commitment to excellence and innovation, Vistara continues to redefine
premium air travel, promising passengers a journey characterized by opulence, sophistication, and
unparalleled service.

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2. AIR INDIA

In the annals of Indian aviation history, Air India stands as a testament to resilience, innovation, and
the indomitable spirit of progress. Originally founded by J.R.D. Tata in 1932 as Tata Airways, the
airline underwent a transformative journey following Indian independence in 1947. Renamed Air
India and backed by the government's acquisition of a substantial 49% stake, the airline embarked on
a mission to connect India with the global aviation map.
As Air India soared into the international skies, it became synonymous with excellence in service and
pioneering spirit. The inaugural flight from Mumbai to London in 1948 marked a historic milestone,
symbolizing India's emergence as a formidable player in the global aviation arena. Under the
visionary leadership of J.R.D Tata, Air India distinguished itself as a premier international carrier,
setting new standards of luxury and comfort.
However, the ensuing decades brought both challenges and opportunities for Air India, as the aviation
landscape underwent profound transformations. The nationalization of the aviation industry in 1953
saw Air India assume the mantle of the flag carrier, cementing its pivotal role in shaping India's
aviation narrative. Despite facing operational complexities and economic turmoil, Air India
persevered, leveraging its strategic focus on superior service and the acquisition of cutting-edge
aircraft, including the iconic Boeing 747.
In the wake of India's economic liberalization in the 1990s, Air India navigated the winds of change,
adapting to a deregulated aviation landscape marked by the emergence of private carriers and low-
cost airlines. As the industry embraced innovation and expansion, Air India continued to evolve,
maintaining its position as a beacon of Indian aviation excellence.
In a significant chapter of its storied history, Air India underwent a transformative change in
ownership, transitioning from government control to private ownership under Talace Private Limited,
a fully owned subsidiary of Tata Sons. This landmark development marked a new era for Air India,
infusing the airline with fresh impetus and renewed vigor to chart a course towards sustained growth
and profitability.

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Today, Air India stands as the flag bearer of India's aviation legacy, headquartered in New Delhi and
boasting a fleet of modern Airbus and Boeing aircraft. With its hub at the Indira Gandhi International
Airport, Air India serves as a vital bridge connecting India with over 60 international destinations
across five continents. As a proud member of the Star Alliance since 2014, Air India continues to soar
to new heights, embodying the spirit of innovation, excellence, and global connectivity.

NEWS OF THE MERGER

In February 2023, Air India CEO Campbell Wilson announced that the Vistara Airlines brand would
be dropped and merged with Air India in a few months.

Singapore Airlines (SIA) and Tata Sons announced the Air India-Vistara merger wherein SIA would
own a 25.1% stake in the enlarged Air India group. SIA and Tata sons aim to complete the merger
by March 2024. After which they wish to discontinue the brand Vistara.
This announcement shook the Indian Aviation Industry. It is one of the biggest mergers in the history of
Indian Aviation Industry. As a result, about 80% of the total market share will be in the strong holding
of Air India and Indigo Airlines.

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OBJECTIVES OF THIS MERGER:

OBJECTIVES

OF THE MERGER

 To prevent conflict between two companies under the same group.

 To increase the total market share as a whole.
 To enable the SIA group to gain exposure to an entity that is four to five times larger to
Vistara.
 To create the largest international carrier and second largest domestic carrier.

LITERATURE REVIEW
A literature review is a comprehensive summary of previous research on a topic. The literature review
surveys scholarly articles, books, and other sources relevant to a particular area of research. The review
should enumerate, describe, summarize, objectively evaluate and clarify this previous research. It should
give a theoretical base for the research and help the author to determine the nature of your research.

The aviation industry in India has been witnessing a steady growth over the past few years, with the
Indian government taking several measures to promote growth and increase efficiency in the sector. One
of the latest developments in the Indian aviation industry is the proposed merger between Air India and
Vistara, two of the leading airlines in the country. This literature review aims to explore the factors that
have led to this merger and analyse its potential implications on the aviation sector in India.

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The news of the merger was widespread and was able to grab the attention of various newspapers;
certified market analyst; common people; and others. After screening through the available literature, the
research was based on the following literatures:
 "Air India and Vistara Merger: What it Means for Indian Aviation Industry." Published
by Financial Express.
 "Air India, Vistara Merger Will Give Wings to India's Dreams of Being a Global Aviation
Hub." Published by News18.
 "Vistara-Air India Merger: Good for the Industry, Bad for the Employees." Published by
ET Now.
 "Air India-Vistara Merger: Ready for Take-Off?" Published by Asia Times.
 "Air India, Vistara Merger: Is It a Viable Solution to Air India's Debt Woes?" Published
by Business Today.
 "Air India and Vistara Merger May Not be Easy to Accomplish." Published by Live Mint
 "Air India, Vistara Merger Talk Gains Momentum." Published by The Hindu Business
Line.
 "Air India, Vistara Merger Could Create a Powerhouse in Indian Aviation." Published by
Forbes India.
 "Air India and Vistara Merger: What it Means for Passengers." Published by Hindustan
Times.
 "Air India-Vistara Merger: Not a Done Deal Yet, Say Experts." Published by The
Economic Times.
The study of the above literatures suggests that the proposed merger between Air India and Vistara has
the potential to create a stronger player in the Indian aviation market, improve operational efficiency and
reduce debt burden for Air India. However, there are also concerns that the merger could lead to a
decrease in competition and an increase in market concentration, which could adversely affect
consumers.

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CHAPTER-1:

AIR INDIA- VISTARA MERGER

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1.1 ABOUT THE MERGER

In February 2023, Air India CEO Campbell Wilson announced that the Vistara Airlines brand would be
dropped and merged with Air India in a few months.
Singapore Airlines (SIA) and Tata Sons announced the Air India-Vistara merger wherein SIA would
own a 25.1% stake in the enlarged Air India group. SIA and Tata sons aim to complete the merger
by March 2024. After which they wish to discontinue the brand Vistara.
The merger of Vistara with Air India will mark the beginning of a consolidation phase in the Indian
aviation sector where nearly half a dozen small and big airlines which is price sensitive and excessively
regulated have ceased its operations.
According to some aviation experts, the merger indicates that the sector is heading towards a duopoly
and is very positive for the overall ecosystem, i.e., the aviation sector will be divided among Indigo
Airlines and Air India which is roughly around 80%.

1.2 WHY THIS MERGER IS SIGNIFICANT?

 The Singapore Airlines (SIA) will get 25.1% stake in the merged entity at an investment of
approx. 250 million USD. The rest of the stake will be held by Tata sons.
 These stakes will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia
India and Air India Express. The merger of all these airlines are expected to be completed by
March 2024 after receiving regulatory approvals.
 The Air India Group is already in the process of merging Air India Express and AirAsia India
into a single entity that will provide low-cost flight services.
 The enlarged Air India Group would help to consolidate India’s aviation sector. It will provide
fresh growth opportunities for the previously state-owned carrier after years of mismanagement
and losses.
 The joint venture between Tata Sons and Singapore Airlines will provide Air India the required
strategic expertise, industry capabilities, and capital inflow.

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 For Tata Group, this merger marks the start of another chapter of its business activities in the
aviation sector.
 After the merger of all the brands, the SIA will have access to lucrative landing and parking slots
around the world.
 It will also receive a strong foothold in the busy westbound market from India, which is dominated
by Dubai’s Emirates and others.
 The merger will help SIA to protect itself from consequences of another pandemic. It was
especially impacted because of the lack of the domestic market and the closure of international
borders.
 The SIA is planning to fully fund the Air India investment from its internal cash sources, which
was estimated around $17.5 billion.
 The Tata and SIA have agreed to take part in additional capital injection if required to promote
the growth and operations of the enlarged Air India entity in FY2022/23 and FY2023/24.

1.3 FACTORS RESPONSIBLE FOR THIS MERGER:

The aviation industry in India has been struggling with a number of challenges in recent years, including
high operating costs, intense competition, and regulatory barriers. The merger of Air India and
Vistara is expected to help both airlines overcome these challenges and create a stronger player in the
market.

According to reports of The Hindu Business Line, the merger would result in synergies in terms of fleet
size, route networks, and customer base, which would help the merged entity to achieve economies of
scale and improve operational efficiency.

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Another factor contributing to the merger is the Indian government's efforts to privatize Air India, which
has been loss-making for several years. The government has been trying to sell its stake in the airline
since 2018, but has not found a suitable buyer due to various reasons, including the high debt burden of
Air India. The merger with Vistara is being seen as a way for Air India to reduce its debt burden and
improve its financial performance, thus making it more attractive for potential investors.

The above factors are not the only factors responsible for this merger, the other factors responsible are
as follows:

a) Expansionary motive: Air India and Vistara Airlines was merged as a part of an expansionary
motive. The aim of this merger was to become the largest international carrier and second largest
domestic carrier. Though an official response is not given regarding the name of the merged
entity, it is mostly going by the name Air India for now.
b) Rivalry and conflict: As we know both Vistara and Air India belong to the TATA group so,
rivalry between the companies belonging to the same group and same bracket might face
difficultly during their operations and may find themselves amidst the conflict in the future. To
prevent such a situation Air India and Vistara was merged together.
c) Smooth Operations: Even if there had been no conflict among the companies, it would have
been difficult to finance and maintain operations to run smoothly as airlines requires a huge
amount of fixed capital and working capital.
d) Comeback of Air India: When Air India was repurchased by the TATA group, everyone had
waited for the comeback of Air India. So, it can be assumed that this merger was an act to
announce the comeback of Air India into the aviation industry.
e) Challenge Indigo Airlines: Indigo Airlines is a major player in the Indian Aviation industry with
a market share of around 59,8%. With this merger TATA group aims to bring down the market
share of Indigo Airlines in the Indian market.
f) High operating Cost: TATA group had to pay a great amount of money to government of India
to acquire Air India. Though it got all the assets, it also got the liabilities. Moreover, the cost of
running the airline is very high and requires huge capital. Through the merger it is expected that
more capital will move in to the business.
g) Increased connectivity: Sometimes airlines merge together to increase their connectivity.
Through this merger, SIA group can gain exposure to an entity that is four to five times larger to
Vistara.

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1.4 POTENTIAL IMPLICATION OF THE MERGER:

According to the reports of Business Today, the proposed merger of Air India and Vistara has been met
with mixed reactions from industry experts and stakeholders. Some experts believe that the merger would
create a stronger player in the Indian aviation market, which would be better equipped to compete with
other major players such as IndiGo, SpiceJet, and GoAir. The merged entity would have a larger share
of the domestic market and a wider international network, which would help it to attract more passengers
and improve profitability.

However, there are certain concerns pointed out by the Economic Times that the merger could lead to a
reduction in competition in the Indian aviation market, which could result in higher fares and reduced
services for passengers. The merger would reduce the number of major players in the market, which
could lead to a decrease in competition and an increase in market concentration. This could result in a
situation where the merged entity, along with other major players, would have significant pricing power,
which could adversely affect consumers.

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1.5 WHO WILL BENEFIT FROM THIS MERGER?

The Air India- Vistara Merger will benefit the following:

Tata Group
Singapore Airlines (SIA)
Indian Aviation Industry

TATA GROUP
• Inflow of sufficient capital
• Access to the market share mostly meant for premium airlines
• Goodwill of Vistara Airlines regarding customer support, great- in- flight
experience;etc.
• Access to the fleet of luxurious aeroplanes like Airbus A320, Airbus
A321neo; etc.

SINGAPORE AIRLINES
• Access to a larger market share in aviation industry
• Access to fleet of 220 plane carriers
• Goodwill of Air India due to its nostalgia effect on Indian customers
• Access to a total of 39 international and 46 domestic destinations

INDIAN AVIATION INDUSTRY

• Merger between Air India and Vistara Airlines is likely to strengthen the
Indian Aviation Industry
• The merger will help to create a perfect duopoly market with two players
with almost equal market share which will likely bring the the prices of
plane tickets.
• With the merger being sucessful, Air India will help to make the Indian
Aviation Industry popular.
• The merger involves the TATA group which is highly respected by every
Indian, this will help to bring back the trust which people have lost on the
Indian Aviation Industry due to the Kingfisher scam and the Jet Airways
recent shutdown.

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CHAPTER-2

SWOT ANALYSIS OF AIR INDIA- VISTARA MERGER

STRENGTH
• Support from western countries like USA, ENGLAND AND FRANCE.

• Access to 39 international and 46 domestic destinations.

• Access to funds from different financial institutions at lower interest rates.

WEAKNESSES
• Actual time required to complete all the legal proceedings exceeds the expected time.

• Delay in receiving order of 840 aircrafts from Airbus and Boeing.

OPPORTUNITIES
• To become the largest domestic and 2nd largest international carrier.

• Revival of Air India.

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THREATS
• In aviation industry the more the aircraft carrier, more is the reach. This theory was
cracked by IndiGo airlines which enabled it to become the market leader for quite a while.
Moreover, before the merger IndiGo had already placed an order of 300 aircrafts, hence it
will recieve the delivery of the aircrafts before Air India which will give Indigo the time to
conquer other routes and increase its base.

• Smaller airlines company has started making plans for countering the merger and have
placed order for new aircrafts in order to prevent domination from Air India and Indigo.

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CHAPTER-3

IMPACT OF AIR INDIA – VISTARA MERGER ON THE INDIAN AVIATION

INDUSTRY

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The Indian aviation consultancy, CAPA India had welcomed the merger between Air India and
Vistara Airlines. As per CAPA India, the combination of TATA Sons and Singapore Airlines will
provide Air India with necessary strategic expertise, industry capabilities, access to capital and
determination to create an airline that India is proud of.
CAPA India sees the emergence of Air India as a global network carrier in terms of size, scale,
standards of service and as a medium to earn foreign currencies to support the Indian Government.
CAPA India’s support regarding this deal was evident when in a press conference CAPA India gave a
statement –
“We believe that this is good for India and for Indian aviation.”
Followed by;
“India needs a high quality, dependable long haul and ultra-long-haul airline to meet the country’s air
connectivity requirements. The combined entity is in line with India’s aspirations to be a USD 5 trillion
economy. The combination of Tata Sons and Singapore Airlines will provide Air India with the requisite
strategic expertise, industry capabilities, access to capital and determination to create an airline that
India will be proud of. Today marks an important step in the development of a world class airline,
although it will take several years for the full results to bear fruit”.

CAPA also added in its statement that the Indian Aviation Industry has been strategically and positively
placed, and this merger will bring strength to this sector and will have a positive impact on the entire
ecosystem.

According to CAPA, the Indian Aviation Industry are moving towards a two-pillar system around Air
India and IndiGo, are expected to achieve a domestic market share of roughly around 80% and in the
international market they are expected to grow from 37.8% to more than 50%. This will help to draw the
consumers attention back to the Indian carriers from foreign airlines in the international market.

Thus the merger is expected to have a positive impact on the entire aviation ecosystem and boost the
Indian Aviation Industry, giving it a chance to become the fastest growing sector both domestically and
internationally,

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CHAPTER-4

“SURVIVAL OF THE FITTEST”

Professor Darwins theory of evolution- “Survival of the fittest” perfectly fits with the situation which
may happen due to the joint venture or merger between Air India and Vistara Airlines. This merger may
have a positive impact for the Indian Aviation Industry but not for the smaller players who are a part of
this industry but their contribution has a very little impact on the industry. But after this merger, it may
happen that their contribution towards the industry would hardly matter as it is estimated that the smaller
players in the market will have roughly 20% market share and they will have to fight for that 20% share
for their survival in this industry.

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The survival game difficultly within the 20% is likely to increase because of the emergence of Akasa Air
backed by late Rakesh Jhunjhunwala, which is said to be an ultra- low-cost carrier and Jet Airways under
a new management.

Sanjiv Kapoor, airline’s top executive said that after the news of the merger was made public all the
smaller players started panicking and started to prepare for counter measures and cross- cutting policies.
Till now no employees has been laid off but there is a chance that it may happen in the future.
Indian domestic aviation sector was originally dominated by IndiGo and after the merger of Air India-
Vistara the dominated part will expand and competition will grow which is concerning. According to
the managing director of Primus Partners, an Indian advisory company based in New Delhi, Anurag
Singh:
“If we take a look at the domestic airlines, almost everyone is in the red, Airlines with lower market
share are the most vulnerable. Not all of them will survive now”.

He also says, “Whether they will merge or whether they die ... is something that we will see. In the
airline industry, economies of scale enjoyed by bigger carriers are critical, according to Mr Singh.
It’s the larger airlines that are able to drive down the cost per passenger mile and hence they have a
slight advantage in the market,

The planned merger of Air India and Vistara, which, is expected to be completed by March 2024, will
likely cause a turbulence in the sector for smaller rivals.”

Thus, the smaller players in the aviation sector will be the worst affected.

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CHAPTER-5

STEPS TAKEN TO MAKE AIR INDIA

– VISTARA MERGER A REALITY
In February 2023, Air India CEO Campbell
Wilson announced that the Vistara Airlines brand would be
dropped and merged with Air India in a few months.
After going public with the news both Air India and Vistara
stared preparing to apply for the regulatory approval for the
process. Legal teams are planning filings with various
Indian authorities as well as foreign competition authorities
so as to ensure no issues arise in the future.
The proper steps taken are:

1.Legal Proceedings: Two months after making the

announcement, the legal process for the merger has begun.
According to Mint, the process is now underway and the
paperworks will be submitted to the respective agencies in
the coming month.

In the domestic front, the deal will be stamped by DGCA,

the ministry of Civil Aviation and the Reserve Bank of
India. Then the Competiton Commission of India will
need to certify that the merger will not effect consumer
rights in the cou try. After this several smaller bodies such
as Airport Authority of India will need to be aproached
to clear dues and redeem balances

After clearing the domestic front, the approval from foreign competition and antitrust regulators must
be received.

2.Decision on which authorities to apply to: In this instance, Air India and Vistara's legal teams are
deciding which authorities will be approached for regulatory approval. Due to SIA is involved in the
merger of Air India-Vistara carrier, regulators in the country will need to green-light the deal and SIA's
role. Hence, it is already decided to seek permission from the Consumer Commission of Singapore.

They are also looking at filings with the European Union, another major market for both airlines. Their
plans for US or any Middle Eastern nation has not been mentioned yet but they could be targets given
Air India and Vistara's exposure to the markets.

3.Vistara’s continuance or its end: Tata Group has not decided if it will retain the Vistara brand beyond
March 2024. While there will only be one parent carrier, it could still use both AOCs for operations in
the future. This may be decided in the coming months, but Tata is likely to favor one brand for ease of
operations and cost reduction.

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CHAPTER-6

FUTURE OF AIR INDIA- VISTARA MERGER

Nothing is certain in this accursed world, so, it is not possible to predict the exact future of the merger.
Whether it will be a success or a failure, only time will tell. But on the basis of the information provided
potential senarios for the future of the merger can be obtained. They are:

 End of Vistara Airlines: Vistara Airlines is likely to dissapear. The reason behind this
conclusion is that TATA Group will likely favour one brand for the particular sector to ease it’s
operations and cost reduction.
 Rivarly: Rivarly between IndiGo and the Merged Air India- Vistara is likely to happen as before
the merger IndiGo controlled around 52% of the market share which after the merger is expected
to fall by 14.%(approx).
 Legal conflicts: A great deal of legal suits can also occur as when a company starts its operation
after the merger it takes time for the employees to adjust to the changing work enviroment which
may hamper their productivity and due to this they may be unable to provide great-in -flight
experience; can cause boarding mistakes; tickets shuffleing or any other reason.
 Competitive Backlash: Whenever a new company tries to penetrate into the the market of
another company, it experiences a backlash as the company who controls that market share will
use any means to stop the new company from making a leak in his market share.
 Inner conflicts: It may be possible that the TATA Group and SIA may not see eye to eye with
each other regarding certain decisions, this may cause an inner conflict between them.
 Socail Backlash: This merger can also face a backlash from the society as after the merger around
80% of the market will be held by the Merged Air India- Vistara and IndiGo and for the remaning
20% there will be a great stuggle in which many companies will cease to exist, as a result, many
will lose their jobs.
Even if there may be some problems at first but as time will go by the merger will reach a stable point
and will likely be a successful venture.

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CONCLUSION
The possible merger of Air India and Vistara could be a significant development in the Indian aviation
industry. Both airlines have their strengths, and a merger could bring about the synergies of combining
them.

Vistara has established itself as a premium carrier with a focus on customer experience, while Air India
has a robust global network and significant government support. Combining these strengths could create
a formidable player in the Indian aviation market, especially in the face of increased competition from
low-cost carriers.

However, a merger of this scale could also present significant challenges, including integrating two
different corporate cultures and managing the workforce. Additionally, the financial implications of the
merger would need to be carefully evaluated.

Overall, a merger between Air India and Vistara could be a game-changer for the Indian aviation industry,
but a lot of work would be required to make it a success.

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BIBLIOGRAPHY
REFERENCE WEBSITES:
 https://m.economictimes.com/
 https://www.businesstoday.in/
 https://www.livemint.com/amp
 https://www.news18.com/amp/
 https://www.hindustantimes.com/amp
 https://www.thehindubusinessline.com/
 https://www.etnownews.com/
 https://www.financialexpress.com/
 www.airindia.com

REFERENCE BLOGS:
 marketing research.blogspot.in.
 marketingmerchant.bolgspot.in.
REFERENCE YOUTUBE CHANNELS:
 Khan GS Research Centre
 The Mystica Land
 moneycontrol

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